Owning and operating a small business comes with many challenges. As a company grows and becomes more successful, many owners look for ways to outsource a few of their responsibilities. According to the online employment platform GoRemotely, one of the most commonly outsourced tasks is tax preparation, with 71% of small business owners investing in these services. If you're a business owner who works with an accounting service, be sure to ask these questions to ensure that your company's needs are being properly met.

1. How Do Tax Requirements and Strategies Differ by Industry?

One of the first discussions you'll want to have with your accounting service provider should focus on the unique realities affecting businesses in your industry. This is especially important if you work in a niche industry or market. Any financial or professional advisor you work with needs to have a firm grasp of how your business is affected by taxes and other accounting issues.

2. What Are the Best Record-Keeping Methods to Use to Prepare for Tax Season?

Next, you'll want to ensure that you're doing all you can to optimize the tax treatment of your business. Knowing the best approach to record-keeping beforehand can help ensure you have everything you need fully organized when it comes time to file your taxes. Quarterly and estimated taxes are another subject that should be discussed on an annual basis when you meet with your accountant.

3. When Is the Right Time to Implement a New Tax Strategy?

As the working relationship with your accountant deepens over time, you'll be able to focus less on keeping up with your tax filing and payments and more on strategy. There are many revenue benchmarks where it makes sense to revisit your business's overall tax strategy. Paying taxes is part of operating a successful business, but there's no reason to overpay. Your accountant can help you map out a plan for the next year as well as further into the future.

If you need a trusted accounting service to assist your company, contact Riley's Tax Service today to schedule an introductory consultation. Our team is here to help you continue to grow your business, no matter its size. We look forward to working with you!